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called the fiscal cliff. our coverage starts on the white house lawn tonight with major garrett. major. >> reporter: scott, the saesident said for the first time, there is a two-step process to averting the fiscal cliff. republicans must act now to prevent a tax increase for households earning less than $250,000. do that now, president obama said, and he and congress can work out the details of spending cuts later. ( applause ) before a crowd of supporters, the white house invited from the mid-atlantic region, president obama put congressional republicans on notice. >> it's too important for washington to screw this up. now is the time for us to work on what we all agreed to, which is lets keep middle class taxes low. that's what our economy needs. that's what the american people deserve. gd if we get this part of it right, then a lot of the other issues surrounding deficit reduction in a fair and balanced, responsible way are going to be a whole lot easier. >> reporter: white house officials say mr. obama is not interested in personally meeting with congressional republicans because t
offer to resolve the fiscal cliff was anything but flattering. one republican called the offer an insult. both sides are digging in their heels on raising taxes on upper income earners. the white house proposal includes $1.6 trillion in taxes over a decade, 400 billion for medicare, 50 billion in stimulus spending and the end of congressional control over the debt ceiling. susan mcginnis is in washington with more. good morning to you. >> reporter: hey, terrell, good morning. the president's opening salvo there was not well received by republicans. they balked at his plan. he's taking his message to middle class americans at a factory that makes toys. it's a trip republicans are calling an irritant. president obama leaves the white house this morning to head to a toy factory in pennsylvania. he'll tell americans the fiscal cliff will cause holiday shopping to plummet. >> let's give a christmas present to the american people. >> reporter: but the mood here on capitol hill is anything but festive. both sides say the tax hikes and spending cuts due to kick in at year end are unacceptable, t
republican and three democratic governors gate the president their take on how to avoid the "fiscal cliff" this morning at the white house. >> we're not sort of saying it should be that plan or that plan. i think what we all agree on is something has to get done. >> as governors we think it's important that we're part of the discussions both in terms of the impact it has on our finances and our economies. >> reporter: state government cost lose much-needed federal aid if democrats and republicans don't reach a deal to stop automatic spending cuts before the end of the year. the other issue is taxes. congressional republicans want bush-era tax cuts extended for all americans. president obama says those tax cuts must expire for households making $250,000 or more. >> it's a position that is supported by a majority of the american people. and, you know, we need to see from republicans an acknowledgement of that. >> reporter: the gop proposal that the white house quickly rejected closes tax loopholes and reduces deductions to raise 800 billion-dollar in new revenue. the plan cuts $600 billion
fiscal cliff. >> republicans call it an insulting joke. >> the biggest stumbling block remains, new taxes on the wealthiest americans. >> that's what the president suggested. >>> ladies and gentlemen, the fiscal -- cliff! >> lottery officials will introduce the holder of one of the two winning jackpot tickets today. >> i'm very happy for him. he has worked very hard in his life and won't have to any more. >> the other big winner in arizona remains a mystery. >> the ticket holder may be all the way across this country in maryland. surveillance video shows a man who purportedly just found out that he wan on. >> now asking that person to come forward, show his ticket and bring your papers. >> lindsay lohan went to jail just to stay dry. >> whipped out his membership card. >> beau obama, inspecting the white house christmas decorations. >>> are you kidding me? >> never has drew brees thrown foiv interceptions and atlanta will survive. >>> an act of kindness by a new york cop going viral. tourist taking this photo of police officer larry deprimo giving boots to a homeless man. >> absolut
. >> reporter: in the fiscal cliff negotiations, republicans still argue that higher taxes will hurt small business jobs. but, scott, democrats up here argue that this debate is over. that raising taxes on the wealthiest americans of all kinds was decisively approved by the voters in the election. >> pelley: wyatt, thank you. yarmer president george h.w. bush is in a houston hospital tonight being treated for bronchitis. the hospital told us it's not life threatening. mr. bush is 88 and was last seen at the white house in may for the unveiling of his son's onrtrait. millions were disappointed, but dere were some winners in that big powerball drawing. that story is next. copd makes it hard to breathe, but with advair, i'm breathing better. so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day. advair won't replace fast-acting inhalers for sudden symptoms and should not be used mor
of governors today to talk about the "fiscal cliff" after he rejected a counterproposal from congressional republicans. that plan promised to trim $2.2 trillion over the next 10 years and cuts from entitlements and billions in new tax revenues only from tax reform. and not in raising rates on the wealthy. and that's the sticking point. >> rates have to rise and the republicans need to acknowledge that, that that's the only way to get from here to there. >> in a statement, the white house says the plan fails the balance test. if the two side can't reach a deal by 12/31, hikes and cuts will kick in. >>> frustrated with facebook privacy settings? how you can make your voice heard this week. >> have you gotten your flu shot? why this season may be the worst in nearly a decade. >> a royal baby on the way. why the kind of morning sickness kate has is fueling speculation about twins. ,,,,,,,,,,,, secondhand smoke affects everyone's health. it's not just irritating. it can cause heart disease and even death. speak up about secondhand smoke. your health and the health of your family depend on it. d
for the wealthiest 2% of americans. >> and the "fiscal cliff" deadline is now a day closer and still no deal between the president and republicans. political reporter grace lee is live in the newsroom with what this gridlock could cost californians. grace. >> reporter: well, liz, now we have some very real numbers that's what's at stake if we go over the "fiscal cliff." the daily democrat predicts that our state could lose $4.5 billion and lose about 200,000 jobs and with 26 days until that deadline, the painful reality is just becoming more clear. >> at 3:00, they want to start us closing on wednesday at noon. >> reporter: a social security employee for 30 years he is joining fellow federal workers across the u.s. to spread the word that the "fiscal cliff" is looming and at stake, social security benefits for millions. >> they seem to go for the people who had the least political pull, poor, disabled, people in east oakland. >> reporter: people like a social secure recipient who relies on every federal dollar. if these benefits were to be cut how would this affect you and your friends? >> oh, wow.
brown. we begin with negotiations to avert the so-called fiscal cliff both republicans and white house hold their lines and no formal talks yesterday. president obama said he wasn't ruling out some reductions in entitlement programs such as medicare and social security, meanwhile house speaker john boehner has to win over hard liners in his own party. susan mcginnis is following it all. >> reporter: hi. good morning. there are some glimmers of common ground here among the two sides that could form the basis of a deal. the president is now talking about actually lowering the tax rate for the top 2% not now but later. and republicans are now taking some heat over their latest plan a lot of it from within their own party. >> five, four -- >> reporter: house speaker john boehner led the countdown to the lighting of the capitol hill christmas tree last night. >> one. >> reporter: but a different countdown weighs on the minds of these lawmakers, the countdown to the fiscal cliff. a series of tax increases and spending cuts due to kick in at the end the year. >> god bless us, everyone. >> rep
on the basic approach to solve the fiscal cliff. in a letter to the president, house republicans called their offer a fair middle ground. it's a ten-year framework that cuts the deficit by $2.2 trillion. it includes $600 billion in health care cuts-- mostly medicare and medicaid-- $300 billion in other mandatory spending and $300 billion in cuts to all other federal spending. by contrast, the president has proposed around $600 billion in cuts to all entitlements, including medicare and he'd reduce other federal spending by $100 billion a year. the president has also proposed spending $50 billion in new stimulus and republicans have refused to consider it. the biggest difference by far is in how to raise new revenues. republicans would raise $800 billion by reducing tax loopholes, not with a tax rate increase. the president would double new revenues to $1.6 trillion, with most of that coming from higher taxes on households making more than $250,000. the president and his negotiators have told republicans there won't be a fiscal cliff deal without that tax increase. the white house today
the fiscal cliff unless republicans agree to tax increases. reports from major garrett and chip reid. elaine quijano on a new study that could lead to a major change in treatment for breast cancer. >> recurrence is something you live with for your entire life. >> pelley: a household name in computers is wanted in a murder investigation. bob orr reports he was tracked down by the technology he lived by. and we note two milestones: an eyewitness to this moment in history has died. then anthony mason will take five to remember dave brubeck, a giant of jazz. captioning sponsored by cbs this is the "cbs evening news" with scott pelley. >> pelley: good evening, they've never said it quite like this: the president's treasury secretary made it clear there is no room for compromise. republicans must accept an increase in tax rates for upper-income americans. negotiations on a budget deal haven't gone very far and there are just 27 days before that so-called fiscal cliff. that's the package of tax increases for most americans and budget cuts that will hit automatically unless the white house and congr
tonight. wyatt? >> reporter: scott, leading republicans are now calling the president's latest fiscal cliff proposals-- and these are quotes-- "unreasonable, not serious even ludicrous." on the negotiations that are necessary to avoid the cliff, here's how house speaker john boehner described the status there. >> no, there's a stalemate. let's not kid ourselves. i'm not trying to make this more difficult. >> reporter: what set off this reaction was the president's proposal for $1.6 trillion in new taxes over ten years with tst of that coming from a tax hike on single americans making hire than $200,000 and married couples filing jointly making $250,000. boehner has hinted that republicans might raise half of that, $800 billion, but only by reducing tax loopholes. >> getting rid of special interest deductions and not raising rates we think is better for the economy, pure and ecole. >> reporter: there is also a gap on spending cuts. yemocrats say they've already agreed to cut one trillion dollars from future spending, republicans, including majority leader eric cantor, responded with th
a gop counter offer in the latest round of "fiscal cliff" negotiations. the republican proposal includes cutting $900 billion from medicare and reforming social security. it would also raise $800 billion in tax reforms. but the white house says the offer still favors cutting taxes for the wealthy. >> us this far, republican leaders have been adamant that they don't believe rates ought to go up on the top 2% of wealthiest americans. the american people overwhelmingly disagree. >> if the president and republicans can't come to a compromise, everyone's taxes will go up january 1. government spending will be slashed. >>> the dow lost 60. the nasdaq was down 8, s&p down 7. >>> the storms that blew through the bay area brought down many trees and that's meant a hard lesson for homeowners who were cleaning up today. cbs 5 consumerwatch reporter julie watts explains your insurance doesn't always cover fallen trees. julie. >> reporter: something many are likely learning following this weekend's storm. we received photos from across the bay area of downed trees on homes and cars, and they provide
:19. >>> lawmakers on capitol hill have less than four weeks to avoid the dreaded "fiscal cliff." if democrats and republicans don't reach a budget agreement by year's end, across-the-board tax hikes and budget cuts will automatically kick in. house speaker john boehner offered a republican proposal this week. but the president and democrats dismissed it because it includes no tax increase for the wealthiest americans. >> 60% of americans support asking millionaires to pay slightly more. >> there's only one person out of 307 million americans who can sign something into law, the president. >> boehner will meet with small business owners and the president speaks at a conference of corporate ceos. >>> citigroup is cutting 11,000 jobs. the bank says it's looking to cut expenses and improve efficiency resulting in $1 billion in charges. it's part of the restructuring. the company also said it plans to close branches. >> wow. >>> it is 6:21 now. we have a new multi-million dollar man. which giant signed a three-year deal with the team? >> plus, skills on and o
speed up the hiring of new police officers. >>> teetering on the edge of the "fiscal cliff." why republicans are calling the president's new proposal a joke. >> it's been a favorite for foodies and tourists. the final decision on the fate of a bay area oyster farm. >> and keeping an "eye on the storm" here in the bay area. your getting a a live look right now at the golden gate bridge where the commute is rolling along. but there are some warnings, some wind warnings on the bridges. we have you covered all around the bay area weather-wise when we come back. [ laughter ] [ girl ] wow, you guys have it easy. i wish i had u-verse when i was your age. in my day, we didn't have these fancy wireless receivers. blah blah blah. if i had a sleepover, i couldn't just move the tv into the playroom. no. we had to watch movies in the den because that's where the tv outlet was. and if dad was snoring on the couch, we muscled through it. is she for real? your generation has it made. [ male announcer ] the wireless receiver only from at&t u-verse. get a free wireless receiver with a qualifying u
that "fiscal cliff." >> rates have to rise and the republicans need to acknowledge that. that's the only way to get from here to there. >> from across the bay to around the world -- >> obviously, you know, we want a family, so, uhm, you know, we have to start thinking about that. >> -- the stories that matter on "eyewitness news this morning." >> your realtime captioner: linda marie macdonald captions by: caption colorado comments@captioncolorado.com >>> good morning, it's tuesday, december 4. i'm michelle griego. >> hi, everyone. i'm frank mallicoat. it is 6:32. a huge pot bust at a home in east san jose. this morning neighbors reported a burglary happening at a home on the 1300 block of sandalwood court. when police got there they found the front door open. they entered the home and discovered an elaborate grow house there. we have live pictures of the house here. in fact, officers say there was no furniture inside the home at all just about 300 pot plants with a street value of $125,000. and because of all the chemicals inside the home, they called the fire department. no word on who ow
on the table to steer clear of the "fiscal cliff." but so far, neither republicans nor democrats appear ready to blink when it comes to tax rates for wealthy americans. danielle nottingham, cbs news, washington. >>> stanford is apparently the place to be if you are looking to launch a startup company. the first-ever university entrepreneurialship report raking the palo alto school number one. the rankings track companies founded by students. stanford on top followed by har record is, uc-berkeley did stanford, harvard, uc-berkeley. >>> the stanford hospital and clinics has been named one of the best in the nation for the fourth year in a row. the leapfrog group measures patient safety, quality of care and efficiency. the top hospitals are chosen from more than 1200 nationwide. >>> in today's healthwatch, we have heard it's good but now a new study questions the health benefits of an ingredient that's found in red wine. resveratrol was thought to prevent diabetes, heart disease and cancer. but researchers in st. louis said it didn't help healthy middle-aged women. the ingredients may work in co
and they want a serious offer from republicans. >> the american people want us to avoid the "fiscal cliff" with a balanced approach. >> reporter: geithner is here in the halls of congress trying to clear some big hurdles with republicans. once a deal is closer president obama will take over the talks. so far independent senator joe lieberman is not encouraged. >> if we go over the cliff it's going to send the country back into recession. >> reporter: vice president joe biden stopped by a washington, d.c. costco thursday to help the white house's public campaign for a deal. >> consumer confidence is growing. the last thing we need to do is dash that now by being unable to extend middle class tax cuts. >> reporter: the vice president said if those tax cuts aren't extended, the average american family stands to lose $2,200 next year. danielle nottingham, cbs news, washington. >>> talk about a power lunch. president obama and mitt romney met privately at the white house to have lunch. their first face-to-face meeting since the campaign debate. aides say the president wanted to discuss romney'
to conversations about the the fiscal cliff with congress iion republicans. i can confirm this morning through my sources here at the white house and on capitol hill that there were no substantive conversations or negotiations yesterday at all. no formal e-mails, to conversations, nothing. house speaker boehner's countdown led to the lighting of the capitol hill christmas tree last night. >> three, two, one. >> reporter: but washington is counting down this month to the dark unknown of the fiscal cliff. >> thanks for having me. >> reporter: on his first view sbr interview on the fiscal cliff, he rejected john boehner's proposal. >> unfortunately the speaker's proposal is out of balance. >> reporter: raising taxes on households earning more than $250,000. >> we'll have to see the rates on the top 2% go up. we're not going to be able to get a deal without it. >> reporter: republicans want smaller tax increases overall and no movement on higher income tax rates. they want to cut unnamed tax bre breaks and deductions, which they say will do more to boost economic growth. the white house considers the
to avoid the "fiscal cliff." the deadline is at the end of the month but lawmakers may only have a couple of weeks to get a deal done. danielle nottingham reports now from washington. >> reporter: washington is driving toward the "fiscal cliff" and with just 29 days left, negotiations are at a stalemate. >> right now i would say we're nowhere. >> reporter: taxes continue to be the line in the sand between democrats and republicans. >> there is no path to an agreement that does not involve republicans acknowledging that rates have to go up for the wealthiest. >> reporter: gop lawmakers don't want higher rates and say the obama administration's proposed cuts to entitlements don't go far enough. >> i think we're going over the cliff. it's pretty clear to me they have made a political calculation. this offer doesn't remotely deal with entitlement reform in a way to save medicare and medicaid and social security from bankruptcy. >> reporter: if a deal is not reached, taxes go up and spending will be clashed. defense contractors are sending the message to lawmakers those cuts would damage the m
keep up to date on our approach to the fiscal cliff any time. just go to our website wusa9.com. click on the fiscal cliff banner which is at the top of our home page. you'll find a countdown clock and a calculator to help you figure out the impact the fiscal cliff will have on you. >>> u.s. senator jim demint has announced he's resigning. the republican from south carolina is leaving capitol hill to become president of the heritage foundation. he was first elected to the senate in 2004. south carolina governor nik haley will appoint a replacement. >>> we're waiting to hear if the man charged in the august shooting at the family research council will take a plea deal. prosecutors told floyd lee corkins that he would have to plead guilty to three of ten counts in the federal indictment, including a charge of committing an act of terrorism. corkins is accused of opening fire at the council in northwest washington. a man wounded in that shooting held down the gunman until police arrived. >>> there will be a much different tone outside the white house. that's because the annual pageant of
administration will refuse any fiscal cliff deep that does not include a tax hike on the richest americans. geithner remains optimistic despite harsh words from republicans. >> reporter: with the clock ticking in washington and the fiscal cliff moving closer every day, tim geithner said they will only approve a plan with tax rates. >> if they are going to force higher rates on virtually all americans, because they are unwilling to let tax rates go up on 2% of americans, then that's the choice they're going to have to make. >> reporter: geithner presented his plan to republicans, calling for $1.6 trillion in revenue and cuts in stimulus spending. he suggested the bush era tax cuts must expire for the wealthiest americans. >> we put forward a very comprehensive, carefully designed mix of savings and tax reforms to help us put us back on a path to stabilizing our debt and living within our means. >> reporter: republicans did not welcome the proposal. >> i was disappointed by the president's proposal. i think it is a rerun of his budget proposal. the revenue proposals are $1.6 trillion in reve
. republicans say rates shouldn't be increased on anyone. with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $40,000 would see an increase in $1,200 a year. incomes of $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican speaker of the house talked this over today and here's major garrett at the white house. major? >> reporter: scott, there is a code of silence the white house and speaker boehner's try to apply to these phone conversations, releasing as few details as possible to protect the underlying negotiations. nevertheless, cbs news has learned the following: the speaker and the president spoke before treasury secretary geithner's comments about going over the cliff. the conversation was described as brief, meaning shorter than the 28-minute conversation speaker boehner and the president had last week. also those familiar with the conversation tell me-- or do not used words like "curt," "frank" and "direct" m
the republican counteroffer, the proposal to avoid the so called fiscal cliff. it is a $2.2 trillion offer that does not raise the tax rate on the wealthiest americans and that has become the central issue of the negotiations. the white house says republicans still are not ready to get serious. susan mcginnis is in washington with the back and forth details. susan, good morning to you. >> reporter: good morning, terrell. gop leaders here on capitol hill sent their plan to the white house in this letter on monday, and now that both initial offers are out there, both sides say it's time to get serious. governors from six states are headed here to washington today to tell president obama their thoughts on the fiscal cliff. the bipartisan group says both sides need to work together to avoid the tax increases and spending cuts due to kick in at the end of the year. >> no one's going to get what they want, but as a country to move forward, we've got to figure out who gives where, and if everything is going to be out on the table, how do we negotiate that? >> reporter: republicans have given a co
are on the rise. >>> we are due to fall off the fiscal cliff in four weeks. tonight each side still insists the other's plan is impossible. republicans have dismissed the president's proposal as outlandish. democrats complain the gop plan is too vague. but the sticking point is the same. the president will not sign anything without a tax increase for the nation's highest earners. >> we're going to have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> the gop counter offer calls for raising $800 billion in revenue without raising taxes. jay carney liken today to magic beans and fairy dust. >>> still counting the multibillion dollars vote that will not die. and how much the recount is costing bay area taxpayers. >> and the day after an epic evening commute meltdown, muni decides to let one group of passengers ride for free. >> and here comes flu season. why this year may or may not be different than normal. government after being toldo shut down. drakes bay oyster company >>> the owners of an oyster farm are suing the federal government after
the fiscal cliff? >> oh, absolutely. again, we say there's no prospect for an agreement that doesn't involve those tax rates going up. remember, it's 2%. remember, all of those americans, too, get a tax cut into that framework on the first $250,000 of their income. >> that said the president and speaker john boehner discussed the budget by phone yesterday. susan mcginnis is in washington with the latest on this game of fiscal chicken. susan, good morning to you. >> right. good morning, terrell. yeah, that phone call does raise the possibility that some serious talks could start soon, but now we learn that a lot of members of congress are heading out on a long weekend, not to return till tuesday. this as the impasse here on capitol hill continues and the nation waits. social security workers marched outside their office in baltimore wednesday. they're protesting the government spending cuts due to kick in at the end of the year as part of the fiscal cliff. >> we don't want to see our public hurt in any way. >> just down the road in washington, d.c., the standoff continues. house speaker john
-called fiscal cliff. our political insider on why things are looking up for the president. >> it appears as if he is playing the hand where the cards are being revealed. it's almost like three card molly. boehner has got a problem with reference to the white house proposal. too many of his people are suddenly finding something attractive about it. >> plus, we are going to track all of the rain, wind and damage from the next big storm thaissments on eyewitness news this morning tomorrow on cbs 5. we will have a lot of crews in the field seeing what's going on and here is a look at the top stories. flood watches continue today around the bay area as another storm moves in. tonight we are expected to be hit hard by heavy rain and winds once again. it's the third and final storm of this series. the storms have been wreaking havoc on the roadways in santa cruz county. in particular several trees and wires were down in mountain towns. officials are keeping a close eye on the rising san lorenso river near bolder creek and the winter storms could be a challenge for businesses that are trying to
-called fiscal cliff. that's the package of tax increases for most americans and budget cuts that will hit automatically unless the white house and congress find a gentler way to solve the crisis in the federal budget. here's how treasury secretary tim geithner put it on cnbc. >> is the administration prepared to go over the fiscal cliff? >> absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. ren, it's only 2%. >> pelley: by 2% he means individuals making more than $200000 and couples taking in 250,000 or more. republicans say rates shouldn't be increased on anyone. with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $4,000 would see an increase in $1,200 a year. incomes of $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican speaker of the house talked this over today and here's major garrett at the white house. major? >> reporter:
the looming fiscal cliff. there are fresh signs that republicans may be in disagreement over the best way to avoid tax increases and spending cuts. oklahoma congressman tom cole says instead of risking a tax increase on everybody it would be better to let tax increases for the top 2% of earners go up. >> if congress does nothing, every family in america will see their taxes automatically go up at the beginning of next year. >> there has been no serious discussion by the white house on entitlements, medicare and medicaid. >> the president says he is still confident that a deal can be reached before christmas. and of course, the cliff is december 31st. >> exactly. i mean pressure is on here. the closer we get to the holidays, you know, the harder this thing becomes. i think one of the houses of congress goes on break december 14th. so i think the house. if you really look at the calendar here. deadline is tight and the president is trying to drum up public support here. now he is encouraging in the age of social media, twitter, folks get on twitter, use hash tag #my2k, the average family wo
post" poll shows 53% of americans will blame republicans if the nation goes over the so-called "fiscal cliff." 29% would hold the president responsible. >>> shares of pandora media fell nearly 20% in after-hours trading on a disurge asking outlook for their current quarter. the oakland-based internet radio company says it expects to lose between 6 and 9 cents a share in the 4th quarter. they reported 3rd quarter profits tripled to $2 million. that worked out to a penny a share and apparently not enough. >>> "star wars" franchise is officially gone to disneyland. federal regulators have cleared disney's $4 billion purchase. lucasfilm. filmmaker empire behind the "star wars" franchise. sale was announced back this october. disney says it plans to may sequels to the six-part "star wars" series so get ready for that >>> netflix has grabbed exclusive rights to show disney movies shortly after they end their run in the theaters speaking of disney. the announcement is a breakthrough for the embattled video service. this is the first time a major hollywood studio has sold the rights to netfli
fiscal cliff matters won't be discussed in the president's campaign to end the stalemate will continue. -election pond time since winning re-election, president obama welcomed the applause of hand-picked supporters and wa his calls tolicans not to ignore is calls to protect middle class households. >> it's time for us to work on >> reportel agreed to, which is allow eep middle class tax cuts for >> tax cuts for households that earn more than $250,000 to in a expire. increase.complicity and tax rate theyease. sted.hey're not interested. >> you're not going to grow the ou raiseif you raise tax rates on the top two rates. smalll hurt small businesses. econill hurt our economy. approach.y this is not the right r: toach. anythis impasse is one of many geithnerreasury secretary tim geithner, mr. obama's lead with t negotiator, will have meetings e bowlesth top congressional thisrs. othpson bowles met with all the ue.yers at both ends of 'mnnsylvania avenue. >> i'm not more optimistic or less optimistic. puthopeful but don't put me e nearnywhere near the optimistic category. tove got a long w
. >> washington is driving to the "fiscal cliff" and with 29 days left there is a stalemate. the white house is rejecting the latest republican offer. danielle nottingham is showing us how president obama is turning to social media. >> reporter: working to win public support for his tax and spend proposing, president obama answered "fiscal cliff" questions on twitter monday. one twitter follower asked, why won't keeping tax rates low across the board encourage more hires and tax revenue? the president replied high-end tax cuts would cost almost $1 trillion while extending middle class cuts will produce growth. if there is no compromise all tax go up and spending will be slashed including cuts to the defense budget. defense contractors gathered in washington monday to discuss the consequences. david language staff is ceo of task a company that develops aviation systems and software for intelligence agencies. >> but i think it's very bad for national security because companies cannot plan. >> republicans sent the president a counterproposal monday afternoon. it includes more than $2 trillion i
he was 2% of americans. but that "fiscal cliff" deadline is less than four weeks away and still no deal between the president and republicans. cbs 5 political reporter grace lee on what this gridlock could cost californians. >> reporter: basically, it could cost us billions. the daily democrat estimates that if no deal is reached and we go over the "fiscal cliff," our state could lose out on $4.5 billion of federal money and lose 200,000 jobs. and this can hit the lower middle class with a one-two punch a combination of unemployment and fewer social safety nets. >> they want us to close on wednesday at noon. >> reporter: a social security employee for 30 years is joining fellow federal workers across the u.s. to spread the word the "fiscal cliff" is looming and at stake social security benefits for millions. >> they seem to go for the people who had the least political pull, in other words poor and disabled and people here in east oakland. >> reporter: like this social security recipient who relies on every federal dollar. if these benefits were cut, who would this affect you an
the called fiscal cliff of mandatory tax increases and spending cuts is to you just 30 days away. but judging by today's talk in washington democrats and republicans are hardly any closer to finding a solution. here's anna werner. >> reporter: a week closer to the december 31st deadline, treasury secretary timothy geithner told bob schieffer any potential deal will have to include a tax hike on the upper 2% of income earners. >> there is no way to raise a meaningful amount of revenue relative to the size of our fiscal challenge by just limiting the value of deductions for the wealthiest americans. >> reporter: he said the biggest obstacle is republicans who refuse to acknowledge that fact. >> there's nothing that stands in the way of that agreement. except for the potential risk that a group of republicans decide, they hold up an agreement because they want to extend tax cuts for the wealthiest that we can't afford. >> reporter: on fox news 2 sunday speaker john boehner was not optimistic. >> i would say we're nowhere. period. we're nowhere. >> reporter: earlier this week house gop members re
. >>> president obama dispatched his chief negotiator to capitol hill to work on a deal to avoid the "fiscal cliff." today treasury secretary tim geithner met with house and senate leaders. republicans came out of that meeting saying that the white house needs to get serious about spending cuts. >> it's time for the president, congressional democrats to tell the american people what spending cuts they are really willing to make. >> let's give a christmas present to the american people. and all we're saying is, we're willing to make the cuts. >> coming needs to reach an agreement in the next few weeks in order to avoid a series of automatic tax hikes and spending cuts in january. >>> oh, to be a fly on the wall on this one. president obama and mitt romney met privately at the white house today to chew over the nation's economic issues. it was the first time they have been together face to face since their contentious campaigns. cbs reporter tara mergener on the political power lunch. >> reporter: mitt romney got out of an suv and walked into the white house alone. the former republican nominee then
and democrats are at a stalemate again in negotiations to avoid the "fiscal cliff." susan mcginnis reports, key players took to the sunday talk shows to make their stances known. >>> reporter: the white house is already decorated for the holidays but the mood here in washington is anything but festive. >> i think we're going over the cliff. >> reporter: if congress doesn't act, america will ring in the new year with $110 billion in spending cuts and a $500 billion tax increase leaving the average household with a nearly $3,500 hangover. treasury secretary timothy geithner was here on capitol hill last week to present the president's plan to congress. >> i was flabbergasted. you can't be serious! >> reporter: president obama wants $1.6 trillion on the rich, $400 billion in cuts to entitlement programs and billions in more spending. >> reporter: mitch mcconnell laughed at geithner during their meeting last week. now geithner says if republicans don't like the plan, it's up to them to present their own ideas. >> what we can't do is try to figure out what works for them. they have to tell us what w
have less than four weeks to avoid the dreaded "fiscal cliff" we have all heard about. if democrats and republicans don't reach a budget agreement by year's end, across-the-board tax hikes and budget cuts will kick in automatically. house speaker john boehnered off a republican proposal this week but president obama and other democrats have dismissed it because it includes no tax increase for the wealthiest of americans. >> 60% of americans pay slightly more. >> there's only one person out of 307 million americans who can sign something in law, the president. >> boehner is set to meet with small business owners while the president speaks at a conference of corporate ceos. >>> bob dole made an appearance on capitol hill yesterday in a wheelchair frail but still flexing his political might. he could not convince enough republicans to support a disabled rights treaty. the united nations treaty would ban discrimination against people with disabilities. it fell five votes short of getting the needed two-thirds approval in the senate. >>> the world's oldest woman has died at the age of 11
morning. unless congress comes to an agreement on the fiscal cliff it would mean a tax hike plus some $65 billion would be cut from the pentagon and other government agencies. both sides are hoping for a compromise. but so far all there's been is debate. >> i've been keeping my own naughty and nice list for washington. >> reporter: president obama took his fight to the public while visiting a toy company in pennsylvania where he warned republicans not to play scrooge. >> it's not acceptable to me and i don't think it's acceptable for you for a handful of republicans to hold middle class tax cuts held hostage. >> reporter: the white house proposal includes $4 trillion in deficit reduction, $400 billion in cuts to entitlement and $50 billion in infrastructure. john boehner said the proposal doesn't go far enough. >> there's a stalemate. let's not kid ourselves. >> reporter: congressman eric cantor agrees. >> that offer is not a serious offer. they are asking for $1.6 trillion in tax hikes and nowhere near that number in spending reform. >> reporter: house minority
and democrats are in a stalemate in negotiations to avoid that "fiscal cliff." as susan mcginnis reports, key players took to the sunday talk shows to make their case. >> reporter: the white house is already decorated for the holidays, but the mood here in washington is anything but festive. >> i think we're going over the cliff. >> reporter: if congress doesn't act, america will ring in the new year with $110 billion in spending cuts and a $500 billion tax increase leaving the average household with a nearly $3,500 hangover. treasury secretary timothy geithner was on capitol hill to present the plan to congress. >> i was flabbergasted. i looked at him, i says, you can't be serious. >> reporter: president obama wants $1.6 trillion in new taxes on the rich, $400 billion in cuts to entitlement programs, such as medicare, and $50 billion in stimulus spending. >> the president and the white house have had three weeks and this is the best we've got?! >> reporter: mitch mcconnell laughed at them last week. now geithner says if they don't like the president's plan, the republicans should present the
deficit reduction off the fiscal cliff. the 10-year plan promises to shave $2.2 trillion through a combination of entitlement cuts and tax reform measures. but house republicans still refuse to meet president obama's bottom line. letting the bush tax cuts expire for the wealthy. in the statement, the white house said that the plan fails the balance test and sticks the middle class with the bill. >>> the gay marriage in california is still on hold tonight. the u.s. supreme court could have announced today whether they would review prop 8. instead the justices announced that they will wait until friday to discuss whether to take up the case. legal experts say the delay ruling means nothing. >> it's like we have so many cases on the docket. let's put this one off next week, no big deal. that's really what happened. it really isn't the dog that didn't bark, but it's the case that has not been resolved yet and we're still waiting. >> professor little says he expects if the court grants a review that we'll know by friday. but if the court decides to deny or simply postpone the review a
obama their thoughts on the "fiscal cliff." the bipartisan group says both sides need to work together to avoid the tax increases and spending cuts due to kick in at the end of the year. >> no one is going to get what they want. but we have to compromise. if everything is going to be on the table, how do we negotiate? >> reporter: republicans have given a counterproposal to the president's plan which he issued last week. they say their plan would cut $2 .2 trillion from the federal deficit over 10 years. but $600 billion in healthcare cuts, $300 billion in cuts to mandatory spending, and another $300 billion in cuts to other federal spending. the biggest difference between the republican plan and the president's remains taxes and how the government can generate more revenue to pay down the debt. >> rates have to rise on the top 2%. there's no other way to do it. >> reporter: president obama says his plan will raise taxes on the rich bringing in 1.6 trillion. republicans want to close tax loopholes and eliminate deductions to raise $800 billion in new revenue. >> the president has a hug
-called "fiscal cliff." if a budget plan is not approved by year's end, automatic tax hikes and across- the-board spending cuts will take effect. but democrats and republicans seem to keep digging in their heels speaking on the sunday news talk shows. >> the president and the white house have had three weeks and this is the best we've got? >> what we can't do is try to figure out what works for them. they have to tell us. >> if congress doesn't act, america will ring in the new year with $110 billion in spending cuts and a $500 billion tax increase. >> "fiscal cliff," are you tired of it? >> i know. we are tired of it. >>> 6:10 now. a trip goes terribly wrong. how a california magician ended up in the hospital. >> the coast guard loses one of its own. how a smuggling investigation off the coast of santa barbara turned deadly. >> and we have a major recall to tell you about. the fire hazard involving two popular ford cars. we'll tell you about that and more when we come back. ,, ,,,,,,,,,, look at you guys with your fancy-schmancy u-verse high speed internet. you know, in my day you couldn'
the fiscal cliff a joke. this morning the man who made that offer is telling the other er e it's time to put up or shut up. >> and the speaker of the house says the president knows what republicans want but with just 29 days left, it's looking as though both sides are playing a game of political chicken. bill plante is at the white house. bill, good morning. >> reporter: good morning. and good morning out west. that's right. 29 days until the fiscal cliff. the real deadline could be even closer. one of the negotiators tells cbs news that to actually get the deal done by the end of the year a plan needs to be in place by but at nd-december. ut at the moment, very few are optimistic about that. >> t >> there's no path to an ag agreement. thates not involve republicans acknowledging that rates have to go up for the wealthiest americans. geithneury secretary tim ompromisetalked tough on sunday. promising any compromise must n thede a tax rate increase on the wealthy. >> the only thing that stands in the way of an agreement that's wa ood for the american economy is that a group of republicans we
've got to break that habit before it starts. >> reporter: the president sees the fiscal cliff showdown as an opportunity to break that linkage for good. republicans say they will not increase the debt ceiling now $16 trillion and due to expire in february without more deficit reduction. >> history shows that the only major deficit cutting deals we ever do around here ever comes after debates over the debt ceiling. it may be a good idea if you don't care about the debt, but it's a nonstarter for those of us who do. >> reporter: public opinion generally is on the president's side. house republicans are not paralyzed or powerless. in fact, they're more unifyied behind speaker boehner than they were on the debt crisis a year ago. why does this matter? the white house is noticing if there is a deal boehner can find the votes to pass it. >> thanks. we want to give you an idea of what's really at stake here. rebecca jarvis has a lock at how the government spends money and how it could spend less. rebecca, good morning. >> good morning. >> it comes up in terms of the
: the president sees the fiscal cliff showdown as an opportunity to break that linkage for good. republicans say they will not increase the debt ceiling now $16 trillion and due to expire in february without more deficit reduction. >> history shows the only major deficit cutting deals we ever do around here, ever, comes after debates over the debt ceiling. it may be a good idea if you don't care about the debt, but it's a non-starter for those of us who do. >> reporter: public opinion generally is on the president's side, but republicans in the house are not paralyzed or perilous, more unified behind speaker boehner than a year ago. why is this important? the white house is beginning to notice and now believe there is a deal boehner can find the stroets pass it. >> an idea what's really at stake. rebecca jarvis has a look how the government spends money and how it could spend less. rebec rebecca, good morning. >> reporter: good morning. >> the question comes up in terms of the money that we're talking about in raising the rate. how much is it that the republicans are objecting to? >> if you look
on the road. he'll try to convince the american people the best way to avoid the fiscal cliff is to extend the bush era tax cuts for the middle class. >> it's too important for washington to screw this up. >> reporter: president obama is putting pressure on congressional republicans and he's enlisting middle class americans in getting the gop to take action on taxes. >> when the american people speak loudly enough, lo and behold congress listens. >> reporter: tomorrow he'll host a campaign style event where he calls on lawmakers to extend the tax rates on families making less than $250,000 a year. once that's done they can work on other details such as spending cuts and changes to the tax code, medicare and medicaid. >> he's out there campaigning for his position. i get it. we understand it. at the end of the day he has to lead on this issue. >> reporter: some republican lawmakers have said they are willing to compromise on the tax issue. oklahoma representative tom cole said the gop should sign off on the middle class extension. but house speaker john boehner isn't ready to budge yet. >>
is heading to pennsylvania this morning hoping to generate support for its plan to avoid the dreaded "fiscal cliff." on capitol hill, treasury secretary timothy geithner pitched the president's plan to house and senate leaders yesterday including $1.6 trillion in new revenue and cuts to entitlement programs. the plan didn't bring republicans and democrats closer to agreement. >> the democrats have yet to get serious about real spending cuts. >> we're waiting for some specifics somewhere from our republican colleagues to show that they are serious on negotiations. >> if a compromise is not reached by year's end, automatic tax hikes and across- the-board budget cuts would take effect. >>> little is being said about the meeting between president obama and mitt romney. the two had lunch at the white house yesterday their first face-to-face encounter since their final presidential debate. the media were kept away from the private get-together. white house officials say the two discussed u.s. leadership in the world and promised to stay in contact. >>> united states supreme court is due veal today
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